Walt Disney (DIS) announced on Friday that CEO Robert Iger will stay on through March 2015, but then plans to step down as the leader of one of the worldâ€™s largest media companies.

Burbank, Calif.-based Disney disclosed a number of moves aimed at facilitating an orderly succession of Iger, 60, who replaced Michael Eisner as CEO in 2005.

Disney, which owns a slew of theme parks and media properties such as ABC and ESPN, said Iger will become chairman in March 2012 when John Pepper, Jr., retires.

â€œAs one of the most iconic brands and preeminent companies in the world, The Walt Disney Company requires a leader with the proven ability to drive creative and financial success in a dynamic world,â€ Pepper said in a statement. â€œFor more than six years, Bob Iger has proven he has that ability at the highest level.â€

Iger, whose contract was set to expire at the end of January 2013, will serve as both chairman and CEO through March 31, 2015. After that, Iger will become the companyâ€™s executive chairman through June 30, 2016.

Disney said under the new agreement, which is effective October 1, Igerâ€™s base annual salary is $2.5 million plus an annual bonus that will be based on the companyâ€™s performance. The new deal doesnâ€™t include any upfront equity awards.

â€œIâ€™m committed to increasing long-term value for shareholders and am confident we will continue to do so through the successful execution of our core strategic priorities: the creation of high quality, branded content and experiences, the use of technology, and creating growth in numerous and exciting international markets,â€ Iger said.

Itâ€™s not yet clear who will guide Disney after Iger steps down as CEO.

Shares of Disney slightly extended their losses on the news and were recently down 1.03% to $31.70. The companyâ€™s stock has decreased nearly 15% so far this year.